Terra co-founder Do Kwon says he’s not ‘on the run’

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Do Kwon, the co-founder of the Terra ecosystem, took to Twitter on Saturday, claiming he’s “not ‘on the run’ or anything like that,” after the Singapore Police Force (SPF) said Kwon was not in the city-state. used to be.

On September 14, South Korean authorities issued an arrest warrant for Kwon and five other associates for alleged violations of the country’s capital market laws. They were all known to be in Singapore at the time, and prosecutors also tried to revoke their passports a day later on September 15.

“For any government agency that has expressed an interest in communicating, we are fully cooperating and have nothing to hide,” Kwon tweeted.

Kwon did not reveal where he was, saying that crypto Twitter “has no business knowing my GPS coordinates”. He added that they are defending themselves in “multiple jurisdictions” and look forward to “clarifying the truth in the coming months”.

Singapore does not have an extradition treaty with South Korea, but the SPF said it will assist the Korean authorities under its domestic laws and international obligations and gave no further details.

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In May, the Terra ecosystem, co-founder of Kwon, arguably had its biggest crash in cryptocurrency history after its algorithmic stablecoin TerraUSD Classic (USTC), originally TerraUSD (UST) lost its US dollar peg and hit a low of $US$ in June. reached 0.006.

Its sister acquisition, now known as Terra Luna Classic (LUNC), met a similar fate with an all-time low of $0.0000009 in May, after hitting its all-time high of over $119 the month before. panic among traders, with selling pressures leading to a wider collapse of the digital asset market.

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Related: Terra blockchain ecosystem collapse forces talent migration

South Korean prosecutors previously banned Terra employees from leaving the country in June to avoid the possibility of fleeing to avoid an investigation. Do Kwon was already living in Singapore at that time.

In July, South Korean authorities raided 15 companies, including seven crypto exchanges linked to the Terra collapse, which allegedly gained access to data related to USTC and LUNC transactions.

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